Nitrocrete Sells Substantially All Assets in Bankruptcy Agreement – BizWest

FORT COLLINS – Nitrocrete LLC, a company that has developed techniques for controlling concrete temperatures with liquid nitrogen, has sold most of its assets to Texas-based Magnolia subsidiary Cryogenic Industrial Solutions LLC for 6, $5 million.

Nitrocrete filed for Chapter 11 bankruptcy protection in United States Bankruptcy Court in Denver on November 18, 2021, citing disruptions from the pandemic negatively affecting its seasonal business model. Nitrocrete and its affiliates held liabilities ranging from approximately $7 million to approximately $13 million, with a shared liability of $7.2 million owed to Zions Bancorporation NA

In December, the company filed a motion to sell its assets at auction, later identifying Nitrocrete Acquisition LLC, a subsidiary of Cryogenic Industrial Solutions, as a harassing bidder or pre-arranged bidder.

The bankruptcy court approved the sale proceedings in early January, with an auction on January 20. The competitive bidding led Nitro Acquisition to double their starting bid to $3 million. A sale order was approved by the Colorado bankruptcy court on January 25 authorizing the sale of substantially all of the assets, and the transaction closed on January 31.

Nitrocrete’s bankruptcy was later converted from a Chapter 11 reorganization to a Chapter 7 liquidation.

Representatives of Nitrocrete and its affiliates could not be reached for comment.

Nitrocrete was launched in Fort Collins in 2017 with techniques that cooled concrete in concrete batching plants with liquid nitrogen. Using liquid nitrogen processes rather than traditional ice processes can allow for more precise temperature control when pouring concrete at higher temperatures.

SSG Advisors acted as investment banker for Nitrocrete and its affiliates in the asset…